Access Holdings gross earnings hit N1.39 trillion in 2022 financial year

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    Wigwe

    Access Holdings Plc has bolstered its gross earnings by about 43% year on year to N1.387 trillion from N971.885 billion recorded in 2021.

    This is according to its audited financial statement posted on the Nigerian Exchange yesterday.

    Driven by its Pan African expansion, the size of the Access Corp Plc topline performance is the first of its kind in the financial service sector.

    The group reported an increase in interest income in the financial year 2022, while related funding costs also inched higher. Interest income surged by 37.53% to N827.466 billion from N601.651 billion in the comparable year in 2021.

    The results came with interest expenses amounted to N467.834 billion, representing a 55.82% increase above N300.243 billion reported in 2021. Non-core operating also supported its earnings record.

    According to the audited report, Access Corp raked in net fee and commission income worth N145.735 billion, 23.16% above 2021 figure which printed at N118.327 billion.

    Access Holdings Plc’s net gain on financial instruments increased by 528% year on year to N281.304 billion.

    Its activities resulted in more than 37% year-on-year growth in operating income which printed at N867.713 billion at the end of the financial year 2022, from N630.639 billion in the comparable year.

    It is worthy of note that Access Holdings Plc Full Year 2022 financial results showed strong growth across revenue lines, despite the strong macroeconomic headwinds locally & internationally.

    “We registered a record revenue of ₦ 1.4 trillion a 43% y/y growth (FY’21: ₦971.9) as we begin to see the dividends of organic & inorganic activities across the ecosystem. Access Holdings Plc recorded a Profit Before Tax of ₦167.7 billion”, stated the Holdings Plc.

    “Overall, Interest Income grew 37% y/y to ₦827billion, driven by a strong loan book growth despite the high inflationary environment. Net loans & advances to customers grew by 25% across the Banking group, with a deliberate focus on credit disbursement to critical segments and growth sectors of the economy. We also saw good growth across the Subsidiaries, in particular the UK (up 36% to N1.1trillion in 2022)”

    “Access Holdings Plc ended the year with over 58 million customers across the extensive network of subsidiaries and business verticals. The company’s asset base grew to ₦15.0 trillion and customer deposits to ₦9.25 trillion, with CASA mix up by 5%, to 63% as a result of leveraging innovation, digital technology and financial inclusion to mobilize sustainable low-cost deposits”, added the financial report.

    “In the second half of 2022, Access Holdings Plc completed the divestment from Pensions Custodian business and acquired significant shareholding in First Guarantee Pensions Ltd & Sigma Pensions Ltd to form Access Pensions Ltd. This combination resulted in the creation of the 4th largest PFA in Nigeria, with Asset under Management of ₦0.9trilion, putting us clearly in the league of strategic players in the Pensions industry”, stressed the report.

    “Our Payment business went live with the Switching business in Q3 2022, while the other areas of the business will become fully operational from Q2 2023. The overall business outlook for 2023 remains strong as we begin our new 5-year strategic journey which aims to make us one of the top 5 financial services organization in Africa by 2027”, the Holdings Plc maintained.

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